Home Property Shaikh Holdings invests $200 mln to develop 'Sanctuary Falls'

Shaikh Holdings invests $200 mln to develop 'Sanctuary Falls'

Dubai: Shaikh Holdings, a Dubai-based real estate investment and development company, is investing $200 million to develop a 96-villa resort at Jumeirah Golf Estates — the world-class golfing community being developed by master developer Nakheel. The one million square foot development is the first of several real estate projects Shaikh Holdings is planning in the UAE.  At the launch of the development, called Sanctuary Falls, the company's CEO, Imran  Shaikh, said: "We are very bullish on the UAE market, and we are looking to invest $1.2 billion over the next five years in golf and waterfront developments." He also said Ras Al Khaimah was "definitely on the radar" but in the immediate term the company would be focusing on exploring opportunities in Dubai. Sanctuary Falls overlooks the Earth golf course, designed by Greg Norman and is designed to realise the vision of a "resort-home", where people feel as if they are on holiday for 365 days of the year, said Shaikh. The villas range between 5,600 and 10,000 square feet and are priced between Dh7.3 million and Dh19 million. Construction will start in October and completion is set for May 2009, he said. Each villa will have an arrival water fountain, swimming pool, children's pool area and fully landscaped garden. Each will also have a state-of-the-art security and technology systems and a custom-designed kitchen for appliances, a Bang & Olufsen home theatre and access to a dedicated concierge service provided by Quintessentially. Buyers are also able to select their preferred view — a cascading waterfall, a lake or a panoramic golf course view  and can choose from three interior designs — traditional, contemporary and modern as well. Scavolini will provide custom-designed kitchens. South Africa based DSA Architects, the architects behind the Madinat Jumeirah Resort (Dubai), One & Only Royal Mirage (Dubai), La Residencia (Spain), Park Hyatt (Dubai), One & Only St Geran (Mauritius) and The Fairmont on the Palm Jumeriah, are designing the villas. It is the first residential villa project DSA has undertaken. Hirsch Bedner Associates have designed the interiors and the landscape architects are 40North. Shaikh Holdings is a family enterprise dating back to 1913 in Bahrain and since 2002 it has been an institutional investor in residential, commercial and hospitality real estate. Source : Middle East North Africa Financial Network

 

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